By Bhuvanaa Shreeram
“Wealth is not about having a lot of money. It is about having a lot of options” - Chris Rock
A good financial plan is the difference between financial chaos and clarity. Here are some golden ingredients that make a lifestyle financial plan truly work:
1. Identify Your Non-Negotiable: Among all your goals, what’s the one thing you absolutely cannot compromise on?
Maybe it’s sending your kids to the best school
Maybe it’s retiring in peace by 60
Maybe it remaining financially independent all your life
Your non-negotiable acts as a compass. They guide your decisions. They stop you from splurging on a ₹30-lakh car when that money could secure your child’s future education. They’re the “Why” behind your financial plan. Without them, it’s easy to lose direction.
2. Know Where Your Money Goes: Imagine trying to lose weight without knowing what you eat in a day. You can’t manage what you don’t track. A detailed cash flow breakdown is like stepping on a financial scale. It shows you exactly where your money is going.
• Rs 5,000 a month on daily coffees and food delivery? Oops.
• Rs 3,000 on subscriptions you forgot to cancel? Double oops.
Once you see the numbers, it’s easier to cut the fluff and focus on what really matters. This is not about guilt-tripping yourself. It is about making every rupee work for you.